In a groundbreaking move aimed at propelling Sri Lanka’s export sector to new heights, the Sri Lanka Export Development Board (SLEDB) and People’s Bank have entered into a strategic partnership. This collaborative effort was solidified through the signing of a Memorandum of Understanding (MOU) in Colombo. The partnership seeks to invigorate the country’s export landscape by identifying and supporting existing exporters, fostering potential market entrants, and catalyzing economic growth through amplified foreign exchange earnings and enhanced employment opportunities.
The event, marking a significant milestone in collaborative efforts, took place on May 14, 2024, with the participation of Mr. Sujeewa Rajapakse, Chairman of People’s Bank; Mr. Clive Fonseka, CEO/ General Manager of People’s Bank; and Dr. Kingsley Bernard, Chairman of the Sri Lanka Export Development Board. Under this partnership, People’s Bank will offer financial advisory services, funding facilities, and trade finance options to enhance the export capabilities of existing exporters, nurture potential new entrants, and elevate indirect exporters to direct export status.
This strategic alliance aims to bolster the development of Small and Medium-Scale Enterprises (SMEs) and integrate them into the global export market, aligning with the Government of Sri Lanka’s broader economic objectives. People’s Bank has already established Export Sector Specific SME Hubs (Export Hubs) across five strategic branches, leveraging its extensive network of 747 branches island-wide. The collaboration will also focus on educational initiatives for People’s Bank staff, ensuring they are well-equipped to advise customers on export market requirements and opportunities, thus enhancing the bank’s foreign exchange portfolio.
The Sri Lanka Export Development Board will contribute its expertise by identifying global market opportunities and facilitating the necessary prerequisites to promote exports from Sri Lanka. During the MOU ceremony, Mr. Sujeewa Rajapakse stated, “As a leading state bank, People’s Bank remains firmly committed to developing the export income of the country by empowering SME entrepreneurs in line with the government’s economic policies. The collaboration with EDB is yet another example of the bank’s efforts to build greater synergies to support this drive.” Dr. Kingsley, addressing the gathering, said, “Adopting an export-led investment approach is key to building economic stability and growth in the country. The collaboration with People’s Bank, which has the largest customer base in the country, is a great source of strength to our endeavours to diversify and expand Sri Lanka’s export capabilities.”
Also present at the MOU signing were: Ms. Anoma Premathilaka, Acting Additional Director General (Development); Ms. Sepalika Jayawardhana, Director – Regional Development; Dr. Sanjeewa Rathnasekara, Director – Trade Facilitation & Trade Information Division at SLEDB; and Mr. Wickrama Narayana, Deputy General Manager of Enterprise Banking, Mr. Nalin Pathiranage, Deputy General Manager of Channel Management, Mrs. Thushari Hewawasam, Deputy General Manager of International Banking at People’s Bank.
This collaboration underscores the commitment of both People’s Bank and the Sri Lanka Export Development Board to driving sustainable economic growth, enhancing foreign exchange revenues, and creating employment opportunities in Sri Lanka.
